Equities market dips by 0.29% as profit taking persists

Nigeria’s equities trading ended lower by 0.28percent or N168billion on Wednesday amid dearth of buy-side triggers.

For the third time this week, the market has closed in the red zone. Week-to-date (WtD) the market has dropped by 0.79percent.

In their search for profit, investors sold mostly the shares of FBN Holdings, Vitafoam, and Berger Paints.

FBN Holdings, UBA, Transcorp, Fidelity Bank and Access Holdings were actively traded stocks as investors in 8,248 deals exchanged 298,651,776 shares worth N6.840billion.

Share price of FBN Holdings dropped most from N43.95 to N39.60, losing N4.35 or 9.90percent.

It was followed by that of Vitafoam, which dropped from N21.25 to N19.15, down N2.10 or 9.88percent, while Berger Paints dropped from N17.35 to N15.65, after shedding N1.70 or 9.80percent.

“Market continues to anticipate the full year 2023 numbers from the banks, as this is expected to dictate market direction for the rest of the month,” said equity research analysts at Lagos-based Vetiva.

Though, stocks like CWG, NEM Insurance, and Juli were the major gainers on Wednesday. CWG increased from N5.50 to N6.05, up by 55kobo or 10percent.

NEM Insurance increased from N8 to N8.80, adding 80kobo or 10percent, while Juli share price went up from N5.91 to N6.50, up by 59kobo or 9.98percent.

The market’s negative close comes earlier expectation that after last week’s huge gains, long-term investors will continue to take advantage of some of the decent entry levels in the equity market.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased further from preceding trading day’s highs of 104,553.31 points and N59.115trillion respectively to 104,256.81points and N58.947trillion. The stock market’s positive return year-to-date (YtD) dropped to 39.43percent.

Veritas Kapital Assurance explains delay in filling results

Veritas Kapital Assurance Plc on Wednesday informs its shareholders, stakeholders, and the general public that it may be unable to file its Audited Financial Statements (AFS) for the year ended December 31, 2023, and the Unaudited Financial Statements (UFS) for the quarter ending March 31, 2024 within the regulatory due dates of March 30, 2024 and April 30, 2024 respectively, as required by the Rules of the Nigerian Exchange Limited (NGX) and the Consolidated Rules of the Securities & Exchange Commission (SEC).

This, the company said is necessitated by the likely delays in concluding the approval process within the stipulated time, particularly with the introduction of the IFRS 17 Accounting Standards which require several changes in the disclosure methods.

Veritas Kapital Assurance said: “Given this challenge, the National Insurance Commission (NAICOM) has obtained, on behalf of Insurance Companies a general approval for an extension of the time for submission of the accounts.

“Please be assured that the Company is making great efforts to ensure that this exercise is expedited so that the AFS for the year ended December 31, 2023 and UFS for the quarter ending March 31, 2024 are filed not later than May 30, 2024”.